TOSCANA ENERGY ANNOUNCES ACQUISITION OF CORTONA ENERGY LTD.

CALGARY, Alberta, August 28, 2018 – Toscana Energy Income Corporation (“Toscana” or the “Company”)(TSX: TEI)is pleased to announce the successful closing of its previously announced acquisition of Cortona Energy Ltd. (“Cortona”) for aggregate consideration of approximately $12,000,000.00 (the “Transaction”) as previously described in the July 23, 2018 press release of the Company. The closing of this strategic Transaction adds approximately 250 BOEs/d of light oil production and consolidates Toscana’s Carmangay Baron’s oil pool. Synergies in operations will allow for efficiencies in reservoir management and secondary enhanced recovery strategies.

About Toscana Energy Income Corporation

Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.

For further information, please contact:

Joseph S. Durante, Chief Executive Officer

Tel: (403) 410-6793

Fax: (403) 444-0090
Email: jdurante@toscanaenergy.ca

BOE Equivalency

Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1 bbl, utilizing a conversion ratio of 6 Mcf: 1 bbl may be a misleading indication of value.